🔍 Technical Outlook
Support Levels:
• $3,296 – key support; a breakdown could lead to $3,262
• $3,275–$3,280 – previous low and base of the rising channel
Resistance Levels:
• $3,335 – recent peak (~June 6)
• $3,364–$3,366 – current upper channel and significant daily resistance
• $3,392 – April high — next target for upside movement
Indicators:
• MA & RSI: The price remains above the 21-day SMA (~$3,292), indicating a bullish bias; RSI is trending above the midline
• Chart Pattern: A corrective dip within a bullish channel; a fall below $3,275–3,280 would indicate potential for a deeper pullback.
📰 Fundamental Drivers
• Safe‑haven demand surged due to trade uncertainties and ongoing US‑China negotiations.
• Mixed global data: Weaker US economic indicators and dovish commentary from the Federal Reserve supported gold prices.
• Central bank appetite remains strong, with Metals Focus reporting continued institutional buying.
📅 Upcoming Events
• June 11 (Wed) – US CPI release
• June 12 (Thu) – Federal Reserve decision & dot‑plot
• June 13 (Fri) – US PPI & University of Michigan Consumer Sentiment
📈 Weekly Outlook & Strategy
Bullish Scenario:
• Maintain levels above $3,296 and rebound into the $3,364–3,366 zone.
• A breakout above $3,364 may target $3,392 and potentially $3,430.
Bearish Scenario:
• Failure at $3,364 followed by a break below $3,296 may lead to a drop to $3,262.
• A break beneath $3,275 could result in a deeper retracement toward $3,230.